Bausch & Lomb is moving its corporate staff from its manufacturing facility at 1400 N. Goodman St. in Rochester to New Jersey.

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The closing of Bausch + Lomb's headquarters in Rochester is "credit negative" for upstate New York and another sign of jobs moving from the Northeast to the Southeast, Moody's Investment Services said in a report Friday.

On Monday, B+L's new owner, Valeant Pharmaceuticals, said it would move its corporate headquarters out of Rochester after being founded in the city in the mid-1800s. The move may lead to more than 500 job cuts in Rochester, state and local officials said.

Moody's said the announcement is in stark contrast to recent announcements in other parts of the country of major job ...